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August 2, 2018
Health and Wellness: Revealing Trends In Benefits
Written by: Espyr
The numbers don’t lie. The inclusion of new, innovative health and wellness offerings and initiatives as part of a company’s benefits package is increasing dramatically. In a survey by WorldatWork, the leading nonprofit professional association in compensation and total rewards, 900 respondents across the country described some of the ways companies in 2017 are taking better care of their employees than they were in 2016. In this article, we’ll take you through the most impactful changes.
Employee Assistance Programs (EAPs) – Up 20%
According to the WorldatWork survey, 80% of the respondents’ companies offered an EAP in 2016. In 2017, that number went up to 96%. This should not come as a surprise. A comprehensive EAP program, implemented correctly, can improve employee retention, reduce absenteeism and help produce a happier, more productive workforce. Increasingly, employers and employees are recognizing the value – even as a recruiting tool. On their 2018 list of ten perks that attract and retain employees, BenefitsPro.com places EAPs just behind Snacks and Coffee, Flexible Work Schedules and Working from Home.
Behavioral Health Plans – Up 17%
Offered by 78% of the surveyed companies in 2016 and 91% in 2017, behavioral health plans and services are quickly becoming the norm. While engagement in these plans has been an issue historically, it’s important to have the resources in place for those who might need them. The other good news? More companies are making efforts to demystify these programs and remove the associated stigma. By making behavioral health part of a company’s culture and involving senior leadership, more and more employees are taking advantage of these services.
Another trend that will help: an increase in coaching vs. counseling. While the best coaches receive training and education comparable to counselors, the idea of coaching is something that is inherently more approachable.
Wellness Incentives – Up 18%
By providing rewards other than wellness itself, incentive programs can be very effective, and have increased in use from 56% in 2016 to 66% in 2017. Incentives could be anything from blue ribbons to free or subsidized health club memberships, often landing somewhere in the middle – cash, gift cards, event tickets and health insurance discounts.
When combined with simple, short-term prizes, wellness incentives provide employees with enough motivation to get the wellness ball rolling until they begin to feel the internal benefits of a healthy lifestyle.
Outcomes-Based Wellness Programs – Up 33%
All wellness programs are, of course, outcomes-based in that they hope to achieve better health outcomes for as many employees as possible. Outcomes-based wellness programs, however, are simply incentive-based programs designed to achieve a certain outcome, like not smoking or losing weight.
According to WellSteps, an employee wellness solutions company, an outcomes-based wellness program will increase program participation and effectiveness. A combination of data feedback and healthy activities can encourage desired health behaviors while giving employees many different ways to qualify. If you treat people with respect and don’t force them to participate, WellSteps points out, your employees will love your wellness program and employee morale will get a big boost.
Health Coaching – Up 14%
As mentioned earlier, counseling can still carry a stigma that keeps some people with behavioral health issues from seeking help. Also, people may need advice, direction or just someone to talk to, and don’t have the need for formal counseling. This is where health coaching can help. With more of a positive connotation than counseling, more employees will seek the help they need.
And it’s working. According to the International Coaching Federation, 86% of companies who implement a coaching program feel the ROI was valuable.
Financial Wellness Services – Up 10%
In their 2017 survey on corporate health and well-being, Fidelity Investments® and the National Business Group on Health® revealed 84% of companies now offer financial wellness services, such as access to debt management tools or student loan counseling, an increase from 76% in 2016. As more employers recognize the impact of financial wellness on employee health, a growing percentage of companies are expanding their well-being programs to include employee financial security.
As programs, services and offerings continue to evolve, employers are embracing a broader definition of well-being, one that leads to increased participation and engagement among their workforce – and greater productivity. “Today’s programs take more of a ‘health meets wealth’ approach,” said Adam Stavisky, senior vice president, Fidelity Benefits Consulting. “They reflect a blend of financial, physical and social/emotional programs to provide maximum support for members.”
If you’d like to learn how your company can catch up to the trends in wellness – and improve the happiness and productivity of your workforce – call Espyr at 866-570-3479 or click here.
Tag(s): Coaching , Financial Wellness , Health and Wellness , EAPs , Behavioral Health , Benefits